Bitcoin Miner MARA has made a unique move to commemorate President-elect Donald Trump’s upcoming inauguration by embedding his portrait into a Bitcoin block, specifically block 879613. The gesture honors Trump as the first pro-Bitcoin U.S. president. The transaction costs over 1.24 BTC and is worth over $125,000.
The “Trump 47” Block
According to Fred Thiel, chairman and CEO of MARA Holdings, the block dubbed “Trump 47” utilized artificial intelligence (AI) and MARA Pool’s computing power to embed the Bill of Rights and the U.S. Constitution within the Bitcoin block. The effort aims to preserve these foundational documents on the Bitcoin network, honoring President Trump.
By doing so, MARA hopes to contribute to the American crypto space and promote making America the “crypto capital of the world.” Interestingly, this endeavor aligns with the Republican Party’s stance on crypto, as outlined in their 2024 platform, which aims to end the “unlawful and unAmerican Crypto crackdown” and defend the right to mine Bitcoin.
This latest move comes as Trump’s inauguration approaches, sparking interest in the potential impact of his pro-crypto policies on the Bitcoin market. Analysts are also reevaluating their predictions, considering that Trump’s inauguration might not be a classic “buy the rumor, sell the news” event.
As the market prepares for Trump’s inauguration, other key factors, including the total exchange reserves and broader macroeconomics, drive Bitcoin’s price movements. His administration is expected to create a more favorable regulatory environment for crypto, and many are watching how this will affect Bitcoin and the broader crypto market.
Other Crypto Firms Support Trump’s Inauguration
Other crypto firms are significantly contributing to the President-elect’s inauguration fund. Ripple is leading the charge with a donation of $5 million in XRP tokens. Other notable donors include Circle, which contributed $1 million to Trump’s inaugural committee, and Coinbase, which also donated $1 million to support the inauguration.
Ondo Finance and MoonPay are among the crypto firms contributing to the inauguration fund, although the exact amount of MoonPay’s donation is unknown. These donations are part of a record-breaking $200 million inaugural fund surpassing all previous records. The contributions from crypto firms reflect their support for Trump’s crypto-friendly stance.
The influx of donations from crypto firms is evidence of the industry’s growing influence in politics. As Trump’s second term nears, crypto firms may see these donations as a strategic move to build relationships with the new administration and shape the regulatory environment.
